Nolato Annual Report 2012 3

1 Nolato AB (publ) Annual Report 2012 2 Production of medical technology component in silicone. Nolato Annual Report 2012 3 2012 in brief was the best year to date in Nolato’s history. Compared with the previous year, sales rose by % to , million, with operating income ( ) up % to mil- ■ Sales per quarter lion and earnings per share up % to . The growth in earnings resulted in a strong SEKm cash flow and continued low net debt, even after the acquisition of a British pharmaceuti- 1200 1000 cal packaging company. 800 600 First quarter Third quarter 400 All three business areas showed an im- The positive trend continued for two of 200 provement. Nolato Telecom, which expe- the three business areas during the third 0 Q1 Q2 Q3 Q4 rienced a dicult , began its recovery quarter. Nolato Medical saw its sales rise with an increase in sales of % during the by % and Nolato Telecom doubled its first quarter compared with the same peri- sales, while Nolato Industrial experienced ■ Operating profit (EBITA) per quarter od during the previous year. a slowdown towards the end of the quarter, SEKm with a % dip in sales. 100 Second quarter 80 The strong growth continued during the Fourth quarter 60 second quarter, when Nolato Medical’s The rise in earnings and the reduced need 40 sales rose by %, Nolato Telecom’s by for working capital meant a strong cash 20 % and Nolato Industrial’s by %. A flow during the fourth quarter. Nolato 0 British pharmaceutical packaging com- Medical’s sales rose by % and Nolato Q1 Q2 Q3 Q4 pany was acquired in April, giving Nolato Telecom’s by %, while Nolato Industri- Medical a decidedly strong position in the al’s sales were down %. ■ Earnings per share per quarter European market. SEK 2.50 2.00 ■ Financial highlights 1.50 1.00 SEKm (unless otherwise specied) 2012 2011 0.50 Net sales 3,874 2,977 0.00 Operating profit (EBITDA) 444 360 Q1 Q2 Q3 Q4 Operating profit (EBITA) 303 199 EBITA margin, % 7.8 6.7 ■ Cash flow after investm. per quarter Profit after financial income and expense 272 183 SEKm Profit after tax 202 132 240 200 Earnings per share, SEK 7.68 5.02 160 Adjusted earnings per share, SEK 8.13 5.28 120 80 Cash flow after investments, excl. acquisitions and disposals 317 112 40 Return on capital employed, % 19.5 13.9 0 -40 Return on shareholders’ equity, % 17.1 11.3 Q1 Q2 Q3 Q4 Equity/assets ratio, % 46 54 Excluding acquisitions and disposals Net debt 78 82 Average number of employees 8,421 5,496 Contents The Nolato Group in brief ............... 4 Nolato’s organisation .................... 13 Sustainability / CSR ..................... 26 Nolato’s shares .......................... 70 Information to shareholders ...... 81 The CEO’s comments .................... 6 Nolato Medical Business Area ...... 14 Directors’ report .......................... 30 Corporate governance ............... 72 Five-year review ........................ 82 Nolato’s business model ............... 9 Nolato Telecom Business Area ..... 18 Financial reports .......................... 38 Board and auditors ..................... 78 Definitions and terms ................. 83 Nolato’s financial targets ............. 12 Nolato Industrial Business Area .... 22 Auditor’s report .......................... 69 Group Management ................... 80 Addresses................................... 84 This document is a translation from Swedish. In the event of any difference between this version and the Swedish original, the Swedish original shall govern. 4 The Nolato Group in brief The Nolato Group in brief Development, production & sales Sales per market Sales & technology Sweden North America etc. SEK 952 M SEK 330 M Asia SEK 1,448 M Other Nordic countries SEK 179 M Other Europe SEK 965 M Our operations Our values ■ Sales SEKm Nolato is an accomplished supplier with Taking responsibility is one of the corner- 4000 broad technological expertise and far-reach- stones of our corporate culture, as well as 3000 ing specialist knowledge. We o er high-tech being one of our Basic Principles. Topics 2000 product and product system development relating to the environment, the working envi- 1000 and manufacturing based on polymer materi- ronment, social responsibility and ethics are als (plastic, silicone, TPE and rubber) within therefore natural and integral aspects of our 0 2008 2009 2010 2011 2012 three areas: business activities. 0 750 1,500 Miles – medical devices (such as inhalers, insulin 0 750 1,500 KM ■ Operating profit (EBITA) SEKm pens and catheter balloons) Our employees 350 – telecommunications components (subsys- The average number of employees in 300 250 tems for mobile phones, often with signifi- was ,. Of these, percent were outside 200 cant cosmetic content, as well as methods and Sweden. 150 100 materials for shielding electronics) 50 – products for industrial companies (such as Our shares 0 2008 2009 2010 2011 2012 packaging, hygiene products and vehicle com- Nolato was listed on the stock exchange in ■ Earnings per share ponents) , and its B shares are listed on the NAS- SEK DAQ OMX Nordic Exchange in the Stock- 10 Our offering holm Mid Cap segment, where they are 8 Thanks to our involvement in customers’ included in the Industrials sector. 6 development work at an early stage, we can 4 contribute towards optimising design, mate- Our history 2 0 rials and production technology, and hence Nolato was founded in as Nordiska 2008 2009 2010 2011 2012 help to achieve a better end-product. Latexfabriken i Torekov AB, with the trade- ■ Cash flow after investments We constantly try to learn more about our mark Nolato, which has been the company’s SEKm customers’ customers in order to make pro- name since . 350 active proposals for attractive technical solu- Today’s global Group is the result of 300 250 tions. This could involve retaining function- organic growth and acquisitions. The head 200 ality and strength while reducing the weight oce is still in Torekov, Sweden, but the 150 100 of the product, developing cosmetic e ects, majority of operations are now based abroad. 50 designing components to facilitate the assem- 0 2008 2009 2010 2011 2012 bly process or reducing the product’s environ- Excluding acquisitions and disposals mental impact. The Nolato Group in brief 5 Micromoulding of medical technology component. Subsystem to water resistant mobile phone. Injection moulded and assembled flush panel. Nolato Medical Nolato Telecom Nolato Industrial Financial highlights: 2012 2011 Financial highlights: 2012 2011 Financial highlights: 2012 2011 Sales SEKm 1,159 917 Sales SEKm 1,548 935 Sales SEKm 1,170 1,129 Operating profit EBITA SEKm 133 110 Operating profit EBITA SEKm 96 11 Operating profit EBITA SEKm 105 102 EBITA margin % 11.5 12.0 EBITA margin % 6.2 1.2 EBITA margin % 9.0 9.0 Average number of employees 932 719 Average number of employees 6,741 4,052 Average number of employees 743 720 Customer offering: Customer offering: Customer offering: Development and manufacturing of polymer com- Design, development and manufacturing of com- Development and manufacturing of components ponents and systems for medical technology and ponents and subsystems for mobile phones, and and product systems in plastic, TPE and rubber pharmaceutical customers, as well as plastic phar- products and systems for EMI shielding of elec- for customers in the automotive industry, hygiene, maceutical packaging. tronics. packaging, gardening/forestry, white goods and other selected industrial segments. Geographic information: Geographic information: Development, production and sales in Sweden, the Development, production and sales in China, Swe- Geographic information: UK, Hungary, the USA and China. Sales offices in den and Malaysia. Sales and technology offices in Development, production and sales in Sweden, Germany, France and the Czech Republic. the USA and India. Hungary and Romania. Success factors: Success factors: Success factors: Medical understanding, broad technological offer- Creative development work, cutting-edge technolo- Technology, project management and productivity. ing, global production, robust quality and develop- gy, advanced project management, fast production Customers include: ment expertise. start-ups and high productivity. Atlas Copco, Brose, Haldex, Husqvarna, Lindab, Customers include: Customers include: MCT Brattberg, Sanitec, Scania, SKF, Volvo, AstraZeneca, Boston Scientific, Coloplast, Gambro, Alcatel-Lucent, BlackBerry, Ericsson, Huawei, Volvo Car. Novo Nordisk, Takeda, Medtronic. Motorola, Nokia, Sony Mobile Communications. Volatility: Volatility: Volatility: Medium. Follows the Northern European industrial Low. Steady market growth. High. Project-based operations. business cycle. Long-term growth potential. Product life cycle: Product life cycle: Product life cycle: Short. Medium/long. Long. 30% 41% 40% 24%28% 30% 31% Share of the Group’s Share of the Group’s Share of the Group’s Share of the Group’s Share of the Group’s Share of the Group’s net sales operating profit (EBITA) net sales operating profit (EBITA) net sales operating profit (EBITA) 6 The CEO’s comments A strong year for Nolato Dear shareholders, tomers. In this way, for example, both Nolato e ect being greater than simply the acquired Medical and Nolato Industrial can o er their company. customers integrated electronics in medical Nolato Medical therefore remains focused was a strong year for Nolato. In fact, devices, based on Nolato Telecom’s expertise. on acquisitions. Having built up a broad tech- it was the best year since the company was And now that Nolato Industrial has identi- nology base in recent years, we are now con- founded in . fied a need for production in China, this can centrating primarily on strengthening the Nolato Medical continued its steady be achieved with a low level of risk-taking business area’s geographic platform. growth, Nolato Telecom made a strong recov- within the framework of our existing opera- Nolato is a company that drives consoli- ery following a dicult , and Nolato tions in Beijing. In the same way, Nolato Med- dation of the supplier chain. As a result of Industrial won additional market shares. ical was able to start production in China a increasingly complex product development, Total growth was %.

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